{"id":654767,"date":"2024-11-25T08:05:36","date_gmt":"2024-11-25T08:05:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=654767"},"modified":"2024-11-25T08:01:53","modified_gmt":"2024-11-25T08:01:53","slug":"next-dogecoin-top-crypto-analyst","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/next-dogecoin-top-crypto-analyst\/","title":{"rendered":"Is This The \u2018Next Dogecoin\u2019? Top Crypto Analyst Thinks So"},"content":{"rendered":"

In a new analysis, prominent crypto analyst Miles Deutscher unveiled his thesis<\/a> on a crypto he believes could rival Dogecoin in this market cycle. With a following of over 550,000 on X and 208,000 YouTube subscribers, Deutscher’s insights carry significant weight in the crypto community.<\/p>\n

Titled “I Just Found The Next DOGE! [10X Potential… Or More?],” Deutscher’s video explores the untapped potential of Luckycoin (LKY)\u2014a meme coin that not only predates Dogecoin but was instrumental in its creation. “Dogecoin was originally a fork of a cryptocurrency called Luckycoin, itself a fork of Litecoin<\/a>,” Deutscher highlighted, referencing Dogecoin’s official website. This connection places Luckycoin at the very foundation of Dogecoin’s existence.<\/p>\n

Is Luckycoin The ‘Next Dogecoin’?<\/h2>\n

To substantiate his claim, Deutscher cited a podcast featuring Jackson Palmer, co-creator of Dogecoin. Palmer stated: “You know, you were asking me before the show, like, why was there a decision to fork Luckycoin, which was itself a fork of Litecoin, which itself is a fork of Bitcoin… And that’s because Luckycoin had this whole notion of random block rewards built in.”<\/p>\n

Related Reading: Dogecoin Extends Rally \u2013 Can This Lead To A Breakout Above $0.82?<\/a><\/div>\n

Deutscher further pointed out that Dogecoin’s source code contains lines nearly identical to Luckycoin’s, with the primary difference being the replacement of “Luckycoin” with “Dogecoin.”\u00a0Luckycoin, launched in May 2013, saw its network halt in November 2013. The last original block, numbered 81,743, was mined on November 26, 2013. The reasons for its dormancy included the disappearance of its founder and the unsustainable nature of its random block rewards, which deterred miners.<\/p>\n

However, on August 25, 2024, the network was revived starting from block 81,744. This community-led takeover has reignited interest in Luckycoin, making it one of the oldest actively mined chains in existence. “This makes it the longest-running meme coin blockchain ever. What’s the next oldest running meme coin blockchain? Well, it’s Doge, and Luckycoin is actually older than Doge,” Deutscher emphasized.<\/p>\n

The revival has led to a dramatic increase in Luckycoin’s hash rate. At one point, it surpassed Litecoin and Dogecoin. “When you see a spike like this in the interest for mining a coin, there’s two reasons for it: One, when price increases, this creates a flywheel of more people mining because they see that there’s profitability there. Two, exchanges who actually want to list a coin that may not have the necessary supply […] The only way for them to acquire enough Lucky to list is actually to mine the coin themselves,” Deutscher explained.<\/p>\n

Notably, industry insider Crypto Dog hinted at major exchanges mining Luckycoin: “Not naming names, but I know one tier-one exchange is currently accumulating Lucky through LTC merge mining.”<\/p>\n

Deutscher addressed the discrepancies in Luckycoin’s market capitalization reported on platforms like CoinMarketCap and CoinGecko, which list it around $100 million. He argued that these figures are misleading due to lost or dormant coins from the early mining days.<\/p>\n

Related Reading: Analyst Predicts Rapid Dogecoin Surge To $1: The Timing May Surprise You<\/a><\/div>\n

By accounting for approximately 8 million Luckycoins that are likely lost or inaccessible, Deutscher calculated the true active supply to be around 6.2 million Luckycoins. At the current price of $9, this places Luckycoin’s market cap at approximately $56 million.<\/p>\n

Comparing this to Dogecoin’s $64 billion market cap, Deutscher highlighted the potential for growth: “Luckycoin is a 1,141x away from Doge, which is a massive discrepancy and, I think, a really powerful shelling point for retail because this is the OG Doge.”<\/p>\n

Deutscher presented a series of scenarios illustrating Luckycoin’s potential:<\/p>\n